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NZ Extends Work Of Tax Rewrite Advisory Panel

Friday, July 23, 2010

New Zealand’s Revenue Minister, Peter Dunne, has commended the work of the taxation Rewrite Advisory Panel in clarifying aspects of the tax system, and called for public submissions on key remedial items for its consideration.

Dunne said that the Rewrite Advisory Panel, which is independent of Government and Inland Revenue, was originally established to review submissions on any unintended changes in the law in rewritten tax legislation and, where necessary, to recommend appropriate legislative action.

"However I have now expanded the role of the Panel to look at addressing matters that may require remedial amendments to any of the Inland Revenue Acts," he said. "Initially, I would like submissions on the areas relating to the capital of companies being reorganised and beneficiary income of trusts, such as the treatment of notional income.”

He added that submissions to the Panel on remedial items in these areas will help improve the tax system by making necessary running repairs and maintenance. "The Panel's work will be invaluable in providing quick responses to particular remedial questions that do not involve policy change and are not being dealt with by the tax policy work programme.”